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REGISTERED NUMBER: 02906412 (England and Wales)














Financial Statements

for the Period 1 April 2022 to 31 December 2022

for

Astec Computing (UK) Limited

Astec Computing (UK) Limited (Registered number: 02906412)






Contents of the Financial Statements
for the Period 1 April 2022 to 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Astec Computing (UK) Limited

Company Information
for the Period 1 April 2022 to 31 December 2022







DIRECTORS: P S Astell
S A Howitt





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Queens Chambers
5 John Dalton Street
Manchester
Greater Manchester
M2 6ET





REGISTERED NUMBER: 02906412 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Astec Computing (UK) Limited (Registered number: 02906412)

Balance Sheet
31 December 2022

2022 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,360 26,771

CURRENT ASSETS
Stocks 47,186 36,244
Debtors 5 692,801 458,884
Cash at bank and in hand 47,613 637,148
787,600 1,132,276
CREDITORS
Amounts falling due within one year 6 652,521 463,084
NET CURRENT ASSETS 135,079 669,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,439

695,963

PROVISIONS FOR LIABILITIES 5,590 6,694
NET ASSETS 151,849 689,269

CAPITAL AND RESERVES
Called up share capital 25 25
Revaluation reserve 7 699 822
Retained earnings 151,125 688,422
151,849 689,269

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





S A Howitt - Director


Astec Computing (UK) Limited (Registered number: 02906412)

Notes to the Financial Statements
for the Period 1 April 2022 to 31 December 2022

1. STATUTORY INFORMATION

Astec Computing (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Astec Computing (UK) Limited (Registered number: 02906412)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Government grants
Government grants are credited to the profit and loss account as the related expenditure is incurred.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease
Rentals paid under operating lease are charged to profit and loss on a straight line basis over the period of the lease.

Going concern
The company's financial statements for the period ended 31 December 2022 have been prepared on a going concern basis as after making appropriate enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Astec Computing (UK) Limited (Registered number: 02906412)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 18 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 4,575 64,801 21,638 38,255 129,269
Additions - 141 - 2,183 2,324
At 31 December 2022 4,575 64,942 21,638 40,438 131,593
DEPRECIATION
At 1 April 2022 4,300 52,842 19,027 26,329 102,498
Charge for period 31 1,349 490 4,865 6,735
At 31 December 2022 4,331 54,191 19,517 31,194 109,233
NET BOOK VALUE
At 31 December 2022 244 10,751 2,121 9,244 22,360
At 31 March 2022 275 11,959 2,611 11,926 26,771

Cost or valuation at 31 December 2022 is represented by:

Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2001 - 23,883 - - 23,883
Cost 4,575 41,059 21,638 40,438 107,710
4,575 64,942 21,638 40,438 131,593

If tangible fixed assets had not been revalued they would have been included at the following historical cost:

2022 2022
£    £   
Cost 107,710 105,386
Aggregate depreciation 86,049 79,437

Tangible fixed assets were valued on an open market basis on 31 March 2001 by the directors .

Astec Computing (UK) Limited (Registered number: 02906412)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Trade debtors 129,658 113,998
Amounts owed by group undertakings 471,453 286,161
Other debtors 91,690 58,725
692,801 458,884

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Trade creditors 331,803 243,271
Amounts owed to group undertakings 75,115 -
Taxation and social security 165,794 150,809
Other creditors 79,809 69,004
652,521 463,084

7. RESERVES
Revaluation
reserve
£   
At 1 April 2022 822
Release of revaluation reserve (123 )

At 31 December 2022 699

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Caplan BSc (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

9. CONTINGENT LIABILITIES

The company has guaranteed the loan facilities of a group company. The loan balance was £18,249,000 as at 31 December 2022.

10. RELATED PARTY DISCLOSURES

Included within trade creditors is a balance amounting to £1,428 due to a company in which a director of the company is also a director and shareholder.

Included in the financial statements is provision of £737,099 in respect of balance due from former parent company which is not considered recoverable.

Astec Computing (UK) Limited (Registered number: 02906412)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking at the balance sheet date was Intec Business Holdings Limited, a company registered in England and Wales.

The company's parent undertaking at the balance sheet date was Intec Business Technology Limited, a company registered in England and Wales.

Registered OfficeReedham House
31 King Street West
Manchester
United Kingdom
M3 2PJ